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The Improving Federal Financial Management Act modifies federal financial management requirements by changing the governmentwide financial management plan from a 5-year to a 4-year cycle and expanding the duties of agency Chief Financial Officers. The bill requires CFOs to prepare agency-specific implementation plans aligned with the governmentwide plan, establish performance-based financial management metrics, and coordinate with other senior agency officials. It also mandates linking performance and cost information in agency reporting and requires agencies to address duplicative systems and explore opportunities for shared services.
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